Construction spending in the United States remained flat in September
Construction spending in the United States remained flat in September
Spending on construction projects in the United States remained virtually unchanged in September, the weakest figure since June, as an increase in housing construction was offset by a drop in spending on government projects.
The Commerce Department said on Thursday that the flat reading for September followed an increase of 0.8 percent in August.
Last month's strength was driven by an increase of 0.6 percent in residential construction and a 0.1 percent lower increase in non-residential activity, which led to this category to a historic high. However, these gains were offset by a 0.9 percent drop in spending on government projects.
The increase in residential construction presented an increase of 8.7 percent in the construction of apartments, which offset a fall of 0.8 percent in single-family homes.
Apartment construction can be volatile from month to month. In general, the domestic sector has struggled for much of this year, as builders have had to cope with the rising costs of land, timber and labor. Part of the increase in wood prices derived from the higher tariffs that the Trump administration imposed on Canadian softwood.
Residential construction has been a drag on the economy in general, falling every quarter this year. While business construction was solid in the first two quarters, it fell at a rate of 7.9 percent in the July-September quarter. The decline was seen as a potentially worrying signal that the momentum for companies that received higher tax benefits for investment from the $ 1.5 billion fiscal reduction approved last December may be starting to slow.
While overall construction remained stable last month on a percentage basis, it rose enough to boost total spending at an annual record rate of 1.33 trillion dollars.
The 0.1 percent increase in non-residential private construction boosted that category to a record annual rate of $ 463.9 billion, thanks to gains in the construction of hotels and offices, which offset a decline in spending on the category that includes shopping centers.
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